KLCI drifts lower as plantation stocks weigh

KLCI drifts lower as plantation stocks weigh
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KUALA LUMPUR (Oct 5): The main index of Bursa Malaysia reversed its earlier gain and drifted lower in the mid-morning as index-linked plantation stocks weighed.

At 10am, the FBM KLCI had shed 0.96 point to 1,499.34. The index earlier rose to a high of 1,503.91.

Gainers led losers by 464 to 286, while 368 counters traded unchanged. Trading volume was 1.52 billion shares valued at RM1.14 billion.

The decliners included PMB Technology Bhd, Heineken Malaysia Bhd, PPB Group Bhd, Kuala Lumpur Kepong Bhd (KLK) and Petronas Dagangan Bhd.

The actively traded stocks included Caely Holdings Bhd, MNC Wireless Bhd, XOX Bhd, Careplus Group Bhd, AT Systematization Bhd and HLT Global Bhd.

The gainers included G3 Global Bhd, Kossan Rubber Industries Bhd, Supermax Corp Bhd, Scientex Bhd, UWC Bhd, Hong Leong Industries Bhd and Pentamaster Corp Bhd.

Reuters said US stock futures rose today on hopes that US President Donald Trump could be discharged from the hospital later in the day, easing some of the political uncertainty that shook Wall Street in the previous session.

Trump, 74, was flown to the hospital for treatment for the coronavirus last Friday, but his doctors said he had responded well and could return to the White House today, Reuters reported.

JF Apex Securities Research said US markets tumbled last Friday after Trump and his wife Melania tested positive for Covid-19 as technology counters led the decline.

It said that earlier, European stocks ended lower after Trump tested positive for the coronavirus.

“On the local market, the KLCI gained 3.53 points to 1,500.30.

“Following the lacklustre performance on Wall Street, the KLCI could remain pressured with support at 1,475 points,” it said.